ARTICLES ABOUT GLOBAL DEVELOPMENT BY DATE - PAGE 3

SINGAPORE: India is watching the external developments of recent weeks and its impact on the economy, Chief Economic Advisor Raghuram G Rajan said here on Saturday even as he expressed optimism of the economy growing by over 6 per cent during the current fiscal. "The external environment has deteriorated somewhat," he said. "Yesterday's US labour numbers came in very weak compared to expectations, the tensions in Korean peninsula which is creating problems [and in]

BEIJING: The just concluded BRICS summit in Durban has yielded "tangible fruits" and brought about unity among major emerging economies and injected fresh impetus into the development of the cooperation mechanism, Chinese Foreign Minister Wang Yi said today. "The summit has yielded tangible fruits which were included in the Durban Declaration and its Action Plan," he said, adding that it also resulted signing of a number of cooperation agreements. During the summit, the leaders agreed to set up a BRICS Development Bank , a Contingent Reserve Arrangement (CRA)

WASHINGTON: The International Monetary Fund has said it is following with "great interest" the recent announcement by leaders of Brazil, Russia, India, China and South Africa (known as BRICS) to establish a development bank. Unlike World bank, The IMF, however, stopped short of welcoming the plan. "On the development bank, we're following this initiative with great interest," IMF spokesperson Gerry Rice said at his weekly news conference at the IMF headquarters in Washington.

WASHINGTON: Describing the BRICS Development Bank as a significant undertaking, the World Bank has said that it will stand ready and work closely with the new bank to end poverty throughout the developing world. BRICS Summit in Durban today decided to launch a development bank and create a USD 100 billion fund for contingency reserve arrangement to tackle any emergency financial crisis in member countries. "We welcome the announcement of the establishment of a BRICS development bank and stand ready to work closely with the new bank to end poverty and build shared prosperity throughout the developing world," the World Bank said in a statement.

BANGALORE: Automotive major Daimler AG said today it plans to hire 800 professionals in India to boost Mercedes-Benz research and development team in this country to 2,000 headcount by the year 2015. Mercedes-Benz Research and Development India (MBRDI) currently has a headcount of 1,200 in India -- 1,060 here and 140 in Pune. MBRDI is engaged in digital (virtual) vehicle component development (computer aided design, computer aided engineering and electrical and electronics)

MUMBAI: Mahindra Satyam today appointed Manoj Chugh as its global business development head . In the new role, Manoj will be supporting the integrated entity's (the company is being merged with the parent Tech Mahindra ) business expansion plans across accounts and geographies. Chugh, during his three decades of career, had worked with Wipro , Scientific Atlanta , Cisco and EMC .

WASHINGTON: The Obama administration has appointed yet another Indian-American to a key administrative post, naming Smita Singh as member of the president's Global Development Council. "The Council will inform and provide advice to the President and other senior US officials on American global development policies and practices, support new and existing public-private partnerships, and increase awareness and action in support of development by soliciting public input on current and emerging issues in the field of global development," the White House said.

WASHINGTON: Highlighting the growing importance of India and China in the region, a top Indian diplomat said the choices these two nations will make would not only impact them but also affect the world. Arun K Singh, the Deputy Indian Ambassador to the US in a speech on India-China relationship said New Delhi believes it is in the mutual interest of India and China to work together, bilaterally and with other partners, to reduce uncertainty and create an international environment that is supportive to their domestic transformation efforts.

MUMBAI: Punters on Dalal Street as well as money managers in Singapore and Hong Kong are betting on a quick turnaround in the India story. Stocks are rising on the back of international developments - like Spain and Greece tightening their belts and global emerging funds shifting a slice of their investments from India to China - and hopes that New Delhi may announce more pro-business measures. And the new market forces are shaping a new story: sector rotation. On Friday, key stock indices rose to a new 14-month high, tracing gains in Asian markets.

In a chat with ET Now, Vikas Khemani , President and Head-Institutional Equities , Edelweiss Securities , shares his views on the market. ET Now: A lot of global events played out last week, how do you see the course of the market now? Vikas Khemani: The ECB event or ECB development to some extent have been positive from the point of view of in short term the risk appetite would come back. The balance sheet of the lot of European banks would improve and become stable and also in my opinion the risk of Euro breaking apart or Euro crisis has been averted at least in the near to medium term.